Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $142,872 | $71,865 | $78,145 |
| Median Personal Income | $90,218 | $53,537 | $61,726 |
| Average income growth | 6.1% | 5.7% | 5.1% |
| Six-Figure Earners | 23.9% | 10.9% | 13.2% |
The median household income in Fruit Cove is about 99% higher than in Florida. Income has been growing faster in Fruit Cove (6.1%/yr) than in Florida (5.7%/yr).
About 24% of adults in Fruit Cove earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Fruit Cove, Florida grew by 42.3% from 2009 to 2023, reaching $142,872 in 2023. That's an average of about 6.1% per year.
Economic Inequality in Fruit Cove | Gender Pay Gap | Gini Coefficient
| Metric | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.563 | 0.566 | 0.570 |
| Male Median Income | $105,117 | $58,426 | $67,746 |
| Female Median Income | $74,345 | $48,893 | $54,793 |
| Gender Pay Gap | 29.3% | 16.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Fruit Cove, it is 0.563, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 41% more than women's income in Fruit Cove, Florida. Over a 35-year career, a 41% wage gap accumulates to roughly $1,077,020 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Fruit Cove, Florida has narrowed from about 33% to 29% in 2023. In dollar terms, the gap has widened by $5,695 since 2009.
Employment
| Metric | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.4% | 4.8% | 5.2% |
| Working from Home | 27.2% | 13.9% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 413 people are unemployed in Fruit Cove, Florida.
The average commute time in Fruit Cove is 31 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Fruit Cove, Florida has fallen from 4.7% to 2.4% in 2023.
Conclusion
Considering all these factors, Fruit Cove, Florida has an overall wealth index grade of A, making it far better than Florida, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Fruit Cove, Florida.
How Rich Is Fruit Cove, Florida?
Fruit Cove has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $142,872, about 99% higher than the Florida average of $71,865.
What is the current median household income in Fruit Cove, Florida?
As of 2023, the median household income in Fruit Cove, Florida is $142,872.
What was the median household income in Fruit Cove in 2023?
In 2023, the median household income in Fruit Cove, Florida was $142,872.
What was the median household income in Fruit Cove in 2020?
In 2020, the median household income in Fruit Cove, Florida was $115,495.
What is the Gini coefficient in Fruit Cove, Florida?
The Gini coefficient in Fruit Cove is 0.563. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Fruit Cove, Florida?
Since 2009, the income gap between men and women in Fruit Cove, Florida has narrowed from about 33% to 29% in 2023. In dollar terms, the gap has widened by $5,695 since 2009.